Welcome to our dedicated page for Community First news (Ticker: CFOK), a resource for investors and traders seeking the latest updates and insights on Community First stock.
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Community First Bancorporation (OTC PINK:CFOK) reported total consolidated earnings of $1,801,000 for 2020, marking a 57.7% increase from 2019. Net interest income rose by 12.9%, driven by solid loan growth and increasing noninterest income, which grew 165.8% to $6,774,000. Total assets surged to $543,988,000, a 30.0% increase, while gross loans held for investment rose by 25.0%. However, Q4 earnings dropped to $494,000 from $842,000 in Q3, impacted by merger expenses and slowed activity. The company plans to finalize its acquisition of Security Federal Bancorp in March 2021.
Community First Bancorporation (OTC PINK:CFOK) announced that shareholders of SFB Bancorp, Inc. (OTC:SFBK) approved a merger with CFB, which will see Security Federal Bank merged into Community First Bank. This agreement was set on October 9, 2020, and is pending regulatory approvals, expected to close by March 2021. The merger aims to enhance market reach and operational efficiency.
Community First Bancorporation (OTC PINK:CFOK) reported strong financial results for Q3 2020, with total earnings of $842,000. Year-to-date earnings reached $1,307,000. The company experienced a 11.3% increase in net interest income compared to the previous year, and non-interest income surged 140% year-over-year. Total assets grew by 4.8% to $518.5 million. Loans held for investment rose 22.7% to $395.1 million, benefiting from $19 million in PPP loans. Total deposits increased 19.9% to $423.7 million. Non-interest expenses rose due to branch expansions and pandemic-related costs.
Community First Bancorporation announced the acquisition of SFB Bancorp, Inc. in a cash transaction valued at approximately $8.3 million. This merger, which is expected to close in Q1 2021, will yield a combined asset base of $575 million across 12 locations in the Carolinas and Tennessee. Each SFB shareholder will receive $33.00 per share, plus a special dividend of $11.00 per share prior to the merger. The acquisition is poised to enhance Community First's earnings per share and extend its market reach.